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18/10/2018

Blockchain Technology: Examples of Industry Transformation

Blockchain technology for the revolutionary scale it represents is attracting a growing number of companies, corporations, governments and organisations. Even if the blockchain market has its centre of gravity in the United States, Europe is also making huge strides. The EU Commission has already invested over 80 million euros in projects related to blockchain technology, and an additional 300 million will be allocated by 2020. According to IDC, in the five-year period 2017-2022, Europe will be the second largest investor in blockchain technology on a global scale, with an expense that will grow, going from 400 million dollars in 2018 to 3.5 billion dollars forecasted for 2022. Technology like blockchain can securely share data through a distributed database and can be applied in different industries: healthcare, logistics, agrifood, media, telecommunications and even in the music industry.

For example right now in Europe finance is the most developed sector and is growing actively with 173 million dollars of investments, banks (30%) and insurance (12%) representing 42% of total expenditure in 2018. Among the initiatives in these sectors, you can find companies like We.trade, which involves seven European banks for the development of a platform that simplifies international transactions between European partners, this platform makes it possible to manage, monitor and protect commercial transactions between SMEs, recording the entire commercial process step by step, from order to payment: once all the contractual agreements are respected, payment is triggered. There are also fourteen Italian banks experimenting with a system for banking checks. Without relying on a single central subject, the distributed database allows more efficient communication between lenders, improving operations and limiting problems. Others like B3i, a consortium of 15 insurance companies aim to facilitate the exchange of data through block technology.

Another sector that offers the most significant potential for the use of blockchain is that of healthcare. Blockchain technology has the potential to revolutionise the entire health care, placing the patient at the centre of the healthcare ecosystem and increasing the security, privacy and interoperability of health data. This kind of technology would provide a new model for exchanges of health information, making electronic medical records more efficient, disintermediate and secure. Through the distributed register, it would be possible to follow the patient through all his care path. It will be easier for the doctor to record diseases, analyse laboratory results, plan treatments, manage hospitalisations and collect data via wearable devices.

Even in the process of purchase of goods and medicines by health institutions, the blockchain allows continuous monitoring, from the transaction up to the management of any delays or unexpected events throughout the supply cycle.

Another area of great interest is that of energy. Thanks to the disintermediation of transactions, it is also possible to reduce energy costs, with this same objective Interbit was launched, a project created by Eni whose architecture allows the connection of thousands of blockchains per server, thus allowing it to process thousands of transactions per second. The goal of the six-legged dog is to extend Interbit to the entire process of buying and selling energy by 2018.

Digital Transformation is revolutionising the way of doing business, and companies are now aware that technological innovation is an essential competitive advantage. If in 2016, according to Markets & Markets (a company specialising in research on emerging markets), the blockchain market was still worth only 210 million dollars, by 2021 it will reach 2.3 billion dollars. The blockchain is becoming increasingly popular in the strategies of companies, with applications ranging from digital identifications to smart contracts, to the exchange of data in a safe and fast way.

 

Discover the full potential of blockchain technology at the international tech conference Futureland 2018 on November 15-16, 2018

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